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MDC Partners said it lost $1.5 million in the third quarter, or 7 cents a share, surprising analysts who expected the company to earn more than $2 million, or 10 cents a share, before exceptional items during the quarter.
Sprott Securities in Toronto reduced its 52-week target price for the company’s stock to $12 a share, down from a target of $16 a share before the earnings release. The firm also reduced its recommendation on the stock to a “hold” from its previous recommendation of “buy.”
Combined Q3 revenue from MDC’s agency holdings and secure transactions division rose 37 percent to $98 million, up from $71.4
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